70 is the new 50 according to retirement study
(Wednesday May 30th, 2007)

Older people contribute $2.2 billion in income tax and $3.1 billion in voluntary work. In Canada, we find a picture of health, control and quality of life during later life. Those aged 50 to 80 are healthier, happier and fitter than ever before. Older people are incredibly active, positive, contributory adults, without whom our families,communities and our work places, could not flourish.

In Canada, a total of 1068 people aged 40-79 years were interviewed.
Older people make an enormous contribution to society as volunteers,
workers and family members.

The voluntary contribution to communities ranges from over a third (36%) of 40-49 year olds and 60-69 year olds, two in five (39%) of the 50-59 year olds to nearly half (48%) of the 70-79 year olds. The average number of hours per week spent on voluntary work ranges from 3.5 hours for the 40-49 year olds to 5.4 hours for the 70-79 year olds, a contribution of $3.1 billion per annum by those aged 60-79.

Over a third (36%) of the 70-79 year olds and just under half (47%) of the 50-59 year olds have provided support to a relative or friend during the previous 6 months. However, the proportions of the HSBC age groups in Canada receiving financial support from a relative or friend are minimal, ranging from 2% of the oldest age group to just 8% of the youngest age group.

Over one in 10 (11%) people in the oldest age group have some form of paid work, this is true for a third (30%) of the 60-69 year olds, almost two thirds (60%) of the 50-59 year olds and over three quarters (76%)of the youngest age group.

The report and the contry profiles can be downloaded at the HSBC website.